Robert O'Donoghue (Dublin Fingal West, Labour)
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355. To ask the Minister for Finance if his Department has collected any data or statistics on the increase in insurance costs associated with hosting music events since 2020; if so, to outline the extent of these increases; to specify the main drivers behind these rising costs, particularly for small to medium music venues; if his Department has undertaken any analysis or engaged with stakeholders to address the challenges faced by event organisers due to rising insurance premiums; and if he will make a statement on the matter. [16929/25]

Paschal Donohoe (Dublin Central, Fine Gael)
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At the outset, it is important to clarify that neither I nor the Central Bank of Ireland can interfere with the provision or pricing of insurance products, as these are commercial decisions made by individual companies, governed by the EU Single Market framework for insurance (the Solvency II Directive). However, I want to assure the Deputy that the Government is committed, in the new Programme for Government-Securing Ireland’s Future, to further action to drive down insurance costs impacting all types of insurance customers including businesses such as music venues, households and motorists. The Government continues to work with insurance companies to ensure the benefits of the reform agenda are passed on to customers in the form of reduced premiums.

The latest data from the National Claims Information Database (NCID) shows that 56 percent of business insurance policies had premiums of less than €1,000, with 90 percent under €5,000 in 2023. Work is ongoing with the Central Bank of Ireland to facilitate faster data release from the NCID to ensure that the data collected is readily available to support market transparency. This increased transparency is essential to ensuring fair pricing for customers and supporting ongoing policy development.

The cost of business insurance is a multi-faceted issue and premiums are sensitive to global inflationary pressures. For example, employer/public liability insurance is impacted by factors such as construction inflation, business turnover and visitor numbers while the cost of labour and the increasing use of advanced vehicle technology has driven up the cost of vehicle repairs for businesses with motor insurance. Consequently, prices vary across the market.

The previous Action Plan on Insurance Reform, published in 2020, delivered significant achievements, most notably the rebalancing of the Duty of Care, reforming the Injuries Resolution Board and the introduction of new Personal Injuries Guidelines. In addition, in part due to the more attractive operating environment here, new competitors have entered the insurance market, enhancing competition and capacity. In addition, a number of existing insurers expanded their risk appetite to new areas, including hospitality, SMEs, sports and leisure activities. This represents a vote of confidence in the reforms enacted and the wider insurance market in Ireland. Maintaining a competitive insurance market is essential to ensuring ongoing access to affordable coverage for businesses, community groups, and consumers alike.

Minister of State Troy has met with Insurance Ireland and major insurers to stress the Government's expectation that these cost savings must be reflected in lower premiums and broader coverage availability.

I wish to assure the Deputy that the Government remains fully committed to the continued reform of the insurance sector, ensuring reforms result in lower costs and greater availability of insurance for businesses across Ireland. The Government has committed to publish a new Action Plan for Insurance Reform, focused on encouraging further competition in the market and working with stakeholders to enhance transparency and affordability across all types of insurance, building on the significant progress made under the previous action plan.